The Mighty Cessna 172
Perhaps the most popular general aviation aircraft of all time. Docile and forgiving, it makes an outstanding training aircraft. The perfect first airplane. You may never 'outgrow it'. When people find out we have our own airplane, they usually remark variants of "you must be rich ...it must be nice". I like to point out you can find many airplane for less than the price of the Ford Explorer.

Aerotraderonline.com lists a half dozen Cessna 172s between $30,000 and 40,000, and many other single engine airplanes for less than that.

Considerations
When considering what airplanes you are going to buy you need to determine it's primary use. VFR trainer? Cross country machine? Aerobatic airplane? Be sure the airplane has the equipment that you want and meets your needs. If you intend on using the aircraft as an instrument trainer it should have all the instrumentation you requite. A VFR only equipped aircraft would cost anywhere from $5000 upwards to equip with good quality instrumentation to meet a basic IFR package.

Engines
Another issue you want to keep in mind is the time on the aircraft engine. With the recommended time between engine overhauls being 2000 hours (on the Lycoming 0320/360 engines) an airplane that looks like a bargain may not be if it has high time SMOH (since major overhaul). While there is no FAA requirement for the engines to be overhauled at 2000 hours, and many run well beyond that mark, I prefer to think of it as midnight at Cinderella's ball. When we hit 2000 hours out it comes.. A rebuild on your engine will run anywhere from $9500 at the local FBO/Shop**IF** they are willing to do it, to $21,000 for a new one from the factory. The average price to have it rebuilt by a quality shop is in the $12-14,000 range.

This seems like a lot, but if you divide it by the total flight hours, (14,000/2000) it is only 7$ per flight hour for an overhaul and $10 per flights hour for a factory new one. None of those prices reflect the cost of installing and removal from the airplane. Some overhaul shops charge more to include the overhaul of the carburetor, and new magnetos as well. All of the factors you need to get quotes for, and determine your best avenue. An airplane that the price reflects the need for a new engine may be a great bargain. Do your homework!

Insurance
I spoke to Harry Bovic with James Raymond insurance Harry has been my insurance agent/broker since we bought our first airplane in 1996. Assuming all the prerequisites are met, a policy around $1200 for a student pilot insuring a $35,000 aircraft could be achieved. For specific policy details and requirements you need to contact an insurance professional.

Maintenance
Maintenance is another large factor in considering the purchase of an airplane. The C-172 is a relatively inexpensive airplane to own. The maintenance is straightforward, and parts are plentiful, due to the popularity of the aircraft, and the fact that the manufacturer is still in business and making that model.

Every year all airplanes must undergo an annual inspection. (With some exceptions) During the annual inspection all the Airworthiness Directives that apply to the airplane will be complied with. An example might be to have the brake petals inspected for cracks. Every now and then it is a big deal though. Like inspecting the crankshaft for pitting. This is a couple of hundred dollars to have done, and if it is bad... you are responsible for the cost of replacing it. Annual inspections can run from $800 at a shop that allows the owner to assist with the annual, to one in the many thousands of dollars for an airplane that is in bad repair, needing plenty of work, and parts.

A reasonable budget for maintenance in a year for the 172 could be about $1500, including the annual. The best way to minimize the first year maintenance for the aircraft is to have a quality mechanic do a thorough pre purchase inspection. Paying an A&P OF YOUR choice to look over the airplane. Expect to spend 3-6 hours on it. At his/her hourly rate. It will save you big money in the long run.

Actual Cost of Aircraft Ownership
Add in some miscellaneous expenses, Tie towns etc. for an additional $50-100 per month. And that is just about it for the basic cost. To get a good Idea of your actual cost and how it **CAN** be less expensive to buy lets do the final analysis:

We consider the maintenance reserve part of the fixed cost. Again, assuming 1500 flying hours every 12 months

The hourly cost to operate is determined by dividing the engine reserve ($7.00 per hour). Fuel at $25 per hour. Totaling $32 per flight hour.

So here are the numbers.

Your Fixed Cost comes out to $525 per month (see table above).
Your Hourly Cost is $32 (fuel @ $25/hour + engine reserve @ $7/hour).

Assuming 100 hours per year, that is $95 per hour! Or $64 per hour if you fly it 200 hours a year. Hence, the more you fly the less expensive per hour it becomes.

Cost Reduction Strategies
If you have a partner, all your costs get divided in half because you share in the expenses of aircraft ownership. You can look into multi-owner partnerships, starting a flying club, or a "leaseback" to a flight school.

For specific information on the average cost and comparative specifications of many general aviation aircraft, I strongly recommend the Used aircraftguide available from aviation consumer. http://www.aviation-consumer.com/books/66-1.html

Feel free to contact me if you have any questions.